Prominent crypto analyst Alex Krüger has argued that bitcoin (BTC), the world’s most dominant cryptocurrency, is now in “bull market territory.” This, after BTC recently surpassed the $7,000 mark to reach a high of over $7,500. According to Krüger, key resistance levels to watch for the bitcoin price and other factors to consider are as follows:
$BTC now in bull market territory after an intraday blow-off top.
R: 7000, 8000
S: 6400, 6000
Old levels not as valuable, hence why above 6400 only looking at round numbers as major resistance.
Hourly volume at Bitmex was the 2nd largest ever after Sep/5/18. pic.twitter.com/ANmIIDJVf1
— Alex Krüger (@krugermacro) May 11, 2019
Trading “Latest BTC Bull Run” Doesn’t Require “A Single Indicator”
On May 11, Krüger noted via Twitter that trading during the latest bitcoin bull run did not require “a single indicator.” He added that indicators may be too costly and that they’re often “used to find overbought signals.” Per the New York-based economist and crypto trader, indicators are also being used to track “divergences” in price movements and “to trade against the trend.”
Meanwhile, widely-followed crypto analyst, “The Crypto Dog” revealed he believes that we may be closing in on the “local top” for both the bitcoin price and bitcoin dominance:
The local top for both $BTC and BTC Dominance appears to be in.
Can you imagine Monday as we see @binance open to fresh bank wires coming in and mainstream media going nuts?
— The Crypto Dog📈 (@TheCryptoDog) May 12, 2019
Interestingly, 57% of Twitter users responding to Krüger’s survey, completed on May 9, 2019, believe that Bitcoin will trade as high $10,000 this year.
Will $BTC trade 10,000 in 2019?
— Alex Krüger (@krugermacro) May 10, 2019
Bitcoin Will Represent “5% Market Share Of Earth”
As the crypto ecosystem appears to be recovering from the extended bear market, which lasted throughout 2018, several prominent investors have made some bullish bitcoin price predictions.
Legendary billionaire venture capitalist, Tim Draper, recently predicted that Bitcoin will account for “5% market share of the earth” within the next four years. The founder of Draper Associates also believes bitcoin’s price will surge to $250,000 by 2022.
Meanwhile, Mark Yusko, the CEO of Morgan Creek Capital Management, has predicted that the bitcoin price could surge to $400,000. Yusko, whose comments came during an interview aired on Bloxlive.tv, noted that the damaging Binance hack, resulting in a loss of over 7,000 bitcoins, may have “confirmed” Bitcoin’s “value thesis.” The prominent investor explained that people normally “don’t steal things that don’t have value.”
A $20,000 Bitcoin Price Prediction
As CryptoGlobe reported on May 11, the Canaccord Genuity Group, a Toronto-headquartered multinational, full-service investment bank focused on “growth companies,” has forecast a bitcoin price of $20,000 by 2021.
Analysts at Canaccord had conducted an extensive market analysis, which took into account bitcoin’s price movements over the course of two different four-year time periods, including 2011-2015 and 2015-2019. The firm’s analysis also took into consideration the halving of bitcoin miner rewards every four years, and how it may affect the cryptocurrency’s price.